SLP (1K) | Buy | Headroom for H2 growth

研报英文原文证据摘录

SLP (1K) | Buy | Headroom for H2 growth

EK) 12/26E 12/27E 12/28E

LTV declined 90bps to 48.7%, increasing acquisition headroom. P/FFO 15.2 14.8 14.2

Deconstructing the forecasts Dividend yield 0.0% 0.0% 0.0%

NTAps 36.80 36.77 39.03

We cut 2026-28E FFOps by c. 1-2%. Newly signed leases and project starts are NRVps 36.98 38.56 41.53

offset by the raised average cost of debt by c. 4-12bps. We raise 2026E NRVps by P/NTA-1 3.9% 4.0% -2.0%

3% following stronger-than-expected Q2 outcome. P/NRV-1 3.4% -0.8% -7.9%

FFO/NTA 6.8% 7.0% 6.9%

We lower our property revaluation assumptions by 25-50bps for 2026-28E after NOI/Asset value 5.4% 5.3% 5.3%

the Q2 result. LTV 46.0% 44.0% 41.1%

Valuation and investment conclusion Sector Most Pref. Sector Least Pref.

We lower our TP to SEK47 (SEK49) but reiterate Buy. Our TP implies c. 18x 2027E Aedifica Deutsche EuroShop

Catena NSI P/FFO, a modest premium to SLP's historical average of c. 17x, which we view as TAG Immobilien Safestore Holdings plc

justified by its proven acquisition-led compounding and above-peer FFO growth. Unibail-Rodamco-Westfield

Q2 supports the investment case: IFPM was in line with our expectations, leasing Unite Group

momentum was strong, and LTV fell 90bps, increasing acquisition capacity. VGP

After SEK0.9bn of H1 transactions, c. -62% below H1 2025, we expect deployment

to re-accelerate in H2 2026. With c. SEK1.4bn of firepower and a 2025-28E FFOps

CAGR of c. 7%, we still see valuation upside from renewed external growth,

despite higher funding-cost assumptions. Alexander Dimovski Equity Research Analyst

+4687235117

adimovski@keplercheuvreux.com

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